Pharma and Biotech M&As 2026 Deal Watcher

The pharma and biotech M&A landscape in 2026 is off to a dynamic start. After a record‐setting 2025, where global pharma and biotech deal value topped approximately $240 billion, dealmaking enthusiasm is carrying into the new year. Companies are responding to patent expirations, pipeline gaps and broader investor confidence returning to the sector.

Pharma and Biotech M&A Transactions 2026

Biogen Acquires Apellis Pharmaceuticals for $5.6B to Strengthen Immunology and Rare Disease Portfolio

Announcement Date: March 31, 2026

Details: Biogen is acquiring Apellis Pharmaceuticals for approximately $5.6 billion in cash, offering $41 per share plus a CVR of up to $4 per share tied to future sales milestones for Syfovre (pegcetacoplan). The acquisition gives Biogen rights to Apellis’ commercially established C3 complement inhibitors Syfovre (pegcetacoplan injection), approved for geographic atrophy secondary to age-related macular degeneration, and Empaveli (pegcetacoplan), for paroxysmal nocturnal hemoglobinuria (PNH) and rare complement-mediated kidney diseases. Both products are built on Apellis’ C3 complement inhibition platform, which targets upstream immune system activation and has applications across ophthalmology, nephrology and hematology. Combined, Syfovre and Empaveli generated approximately $689 million in net product revenue in 2025, with expectations for continued mid-to-high teens growth through at least 2028. Apellis brings an established US commercial infrastructure and expertise in complement biology, which Biogen expects will support the future launch of felzartamab, its Phase III kidney disease candidate. The transaction is expected to close in the second quarter of 2026.

Eli Lilly Acquires Centessa Pharmaceuticals for up to $7.8B for Sleep-Wake Disorder Pipeline

Announcement Date: March 31, 2026

Details: Eli Lilly and Company announced a definitive agreement to acquire Centessa Pharmaceuticals in a deal valued at up to $7.8 billion, comprising $38 per share in cash upfront and a CVR of up to $9 per share tied to regulatory milestones. The acquisition centers on Centessa’s lead asset, cleminorexton (ORX750), an oral orexin receptor 2 (OX2R) agonist being developed for sleep-wake disorders, including narcolepsy type 1, narcolepsy type 2 and idiopathic hypersomnia. Cleminorexton has shown promising Phase IIa clinical data, with early evidence of rapid improvements in wakefulness and excessive daytime sleepiness, positioning it as a potential best-in-class therapy in the emerging orexin agonist class. The broader Centessa pipeline includes additional OX2R candidates aimed at neurological, neurodegenerative and neuropsychiatric conditions. The acquisition marks Lilly’s major entry into sleep medicine, expanding beyond its core metabolic and neuroscience franchises. Analysts have noted that orexin-based therapies could represent a multi-billion-dollar opportunity, particularly as no approved disease-modifying treatments currently exist for several sleep disorders. The transaction is expected to close in the third quarter of 2026.

Otsuka Acquires Transcend Therapeutics for Up to $1.23B to Expand Psychiatry and Neurology Portfolios

Announcement Date: March 27, 2026

Details: Otsuka Pharmaceutical has struck an agreement with Transcend Therapeutics to acquire the company in a deal valued at up to $1.23 billion, consisting of $700 million upfront and up to $525 million in contingent milestone payments tied to future sales. The acquisition brings Transcend’s lead asset, TSND-201 (methylone), into Otsuka’s neuroscience portfolio. TSND-201 is a rapid-acting, non-hallucinogenic neuroplastogen being developed for post-traumatic stress disorder (PTSD). TSND-201 has demonstrated rapid and durable symptom improvement in Phase II clinical testing. The therapy is designed to enhance neuroplasticity without activating hallucinogenic pathways, differentiating it from psychedelic-class compounds while still aiming to reset maladaptive neural circuits involved in trauma response. The acquisition significantly strengthens Otsuka’s psychiatric and neurological franchise, an area the company has long prioritized, and complements its broader efforts to develop next-generation treatments for conditions with high unmet need such as schizophrenia, bipolar disorder and depression. The transaction is expected to close in the second quarter of 2026.

Merck Acquires Terns Pharmaceuticals for $6.7B to Expand Hematology with TERN-701

Announcement Date: March 25, 2026

Details: Merck has announced a definitive agreement to acquire Terns Pharmaceuticals for approximately $6.7 billion in cash, paying $53.00 per share in an all-cash transaction. The deal centers on TERN-701, a clinical-stage, oral allosteric BCR::ABL1 tyrosine kinase inhibitor being developed for chronic myeloid leukemia (CML), a blood cancer driven by the BCR::ABL1 fusion protein. TERN-701 is designed to bind to the ABL myristoyl pocket, offering a differentiated mechanism of action compared to first- and second-generation TKIs, with the potential for improved efficacy, safety and convenience in patients who have relapsed or are intolerant to existing therapies. Early clinical data from Phase I/II studies have shown promising molecular response rates and a manageable safety profile, including durable responses in heavily pretreated patients. The acquisition strengthens Merck’s hematology franchise as it continues to diversify beyond its oncology cornerstone, Keytruda (pembrolizumab), which faces core patent expirations in 2028. The transaction is expected to close in the second quarter of 2026.

Gilead Acquires Ouro Medicines for $2.2B to Advance First-in-Class T Cell Engager in Autoimmune Disease

Announcement Date: March 23, 2026

Details: Gilead Sciences announced it will acquire Ouro Medicines in a deal valued at approximately $2.2 billion, including $1.68 billion upfront in cash and up to $500 million in milestone payments. The acquisition centers on OM336 (gamgertamig), a clinical-stage BCMAxCD3 bispecific T cell engager designed to achieve deep and rapid immune cell depletion through a short-course, subcutaneous treatment regimen. The therapy is being developed for severe B-cell-mediated autoimmune diseases, including immune thrombocytopenia (ITP) and autoimmune hemolytic anemia (AIHA), where early clinical data have shown promising efficacy and a differentiated safety profile. The deal marks Gilead’s first entry into T cell engager therapies for autoimmune disease, expanding its inflammation and immunology franchise beyond its established oncology and virology businesses. Gilead is also expected to collaborate with Galapagos NV on development and cost-sharing for OM336.

Novartis Acquires Pan-Mutant Selective PI3Kα Inhibitor to Strengthen Breast Cancer Pipeline for $3B

Announcement Date: March 20, 2026

Details: Novartis is snapping up SNV4818, a pan-mutant selective PI3Kα inhibitor, from Synnovation Therapeutics in a deal valued at up to $3 billion ($2 billion upfront and up to $1 billion in milestone payments). The acquisition centers on the next-generation oral targeted therapy designed for patients with hormone receptor-positive, HER2-negative (HR+/HER2−) breast cancer, a subtype in which approximately 40% of patients carry PIK3CA mutations that drive disease progression and resistance to endocrine therapy. SNV4818 is designed to selectively target mutated PI3Kα while sparing the wild-type enzyme found in healthy cells, a key differentiator from earlier-generation PI3K inhibitors that have been limited by toxicity and tolerability issues. Early clinical and preclinical data suggest the approach may enable more durable pathway inhibition, improved safety and better compatibility in combination regimens, particularly with endocrine therapies and CDK4/6 inhibitors. The acquisition strengthens Novartis’ long-standing leadership in breast cancer, complementing existing assets such as Piqray (alpelisib) and Kisqali (ribociclib).

Esperion Therapeutics Acquires Corstasis Therapeutics to Expand Cardiovascular Franchise

Announcement Date: March 3, 2026

Details: Ann Arbor, Michigan-based Esperion Therapeutics has acquired Henderson, Nevada-based Corstasis Therapeutics in a deal valued at $75 million upfront, with up to $180 million in additional regulatory and commercial milestone payments, plus royalties on future sales. The acquisition brings Enbumyst (bumetanide nasal spray), the first and only FDA-approved nasal spray loop diuretic, into Esperion’s portfolio. Enbumyst, approved in 2025, is designed to treat edema associated with congestive heart failure, as well as hepatic and renal disease, offering a self-administered, outpatient alternative that may bridge the gap between oral and intravenous diuretics. The therapy targets a large and growing patient population, with heart failure affecting millions globally and edema remaining a major driver of hospitalizations. The deal strengthens Esperion’s cardiovascular and cardiometabolic franchise, leveraging its existing commercial infrastructure to accelerate uptake and support sustained revenue growth. The transaction closed on April 2, 2026, with Corstasis becoming a wholly owned subsidiary of Esperion.

Asahi Kasei Acquires AiCuris for €780M to Expand Infectious Disease Portfolio

Announcement Date: February 26, 2026

Details: Japanese multinational, multi-division technology company Asahi Kasei purchased German biotech AiCuris Anti-infective Cures AG for approximately €780 million (~$920 million), gaining full ownership of the company through its US subsidiary Veloxis Pharmaceuticals. The deal brings AiCuris’ portfolio of antiviral therapies targeting severe infectious diseases, particularly in immunocompromised patients such as those undergoing organ or stem cell transplants, into Asahi Kasei’s pipeline. AiCuris’ assets are designed to address critical viral infections with limited treatment options, complementing Asahi Kasei’s existing presence in transplant and nephrology through subsidiaries like Veloxis and Calliditas, respectively. The transaction was completed on April 20, 2026.

GSK Acquires 35Pharma for $950M for Cardiopulmonary Candidate

Announcement Date: February 25, 2026

Details: GSK acquired Montreal, Canada-based 35Pharma for $950 million in cash, securing 100% of the company’s equity. The deal centers on HS235, a clinical-stage, protein-based therapeutic targeting the activin receptor signaling pathway for the treatment of cardiopulmonary diseases including pulmonary hypertension (PH), a serious and often life-threatening condition with limited treatment options. HS235 has completed Phase I trials and is expected to advance into studies in pulmonary arterial hypertension and related conditions. The therapy is designed to offer a differentiated safety profile, with the potential to reduce risks such as bleeding and other adverse effects seen with current treatments, while also showing early signs of metabolic benefits, including improved insulin sensitivity. The acquisition strengthens GSK’s respiratory, immunology and inflammation portfolio. The transaction was completed on April 15, 2026, following regulatory approvals.

Gilead Acquires Arcellx for $7.8B to Strengthen CAR-T Portfolio

Announcement Date: February 23, 2026

Details: Gilead Sciences announced it will acquire Arcellx in a deal valued at approximately $7.8 billion, paying $115 per share in cash plus a $5 contingent value right (CVR) tied to future sales milestones. The acquisition centers on anitocabtagene autoleucel (anito-cel), a BCMA-targeting CAR-T cell therapy for relapsed or refractory multiple myeloma that Gilead has been co-developing with Arcellx through its Kite Pharma unit. Anito-cel has shown deep and durable responses in clinical trials and is currently under regulatory review, with the potential to become a foundational treatment in multiple myeloma and expand into earlier lines of therapy. The deal builds on an existing 2022 collaboration between the companies and gives Gilead full control over development, manufacturing and commercialization. Strategically, the acquisition reflects Gilead’s continued push into oncology and cell therapy, particularly as it looks to scale its CAR-T franchise and compete more directly with rivals in multiple myeloma. The transaction is expected to close in the second quarter of 2026.

Lilly Acquires Orna Therapeutics for $2.4B to Advance Cell Therapies

Announcement Date: February 9, 2025

Details: Eli Lilly has announced it will acquire Orna Therapeutics for $2.4 billion in cash. The deal brings Orna’s novel in vivo CAR-T platform, which uses circular RNA and lipid nanoparticles to program a patient’s cells to produce therapy internally, into Lilly’s pipeline. The technology is early stage, but Orna already has “clinical-trial ready” assets, according to Lilly. Orna’s lead program is ORN-252, a CD19-targeting CAR-T therapy designed to treat B cell-driven autoimmune diseases. Lilly also said experimental data so far suggest that Orna’s circular RNA platform enables longer-lasting therapeutic protein expression, opening the door to treatments beyond the reach of current RNA and cell therapy technologies.

GSK Acquires RAPT Therapeutics for $2.2B to Bolster Immunology Pipeline

Announcement Date: January 20, 2026 (acquisition completed March 3, 2026)

Details: GSK has revealed it will acquire California-based RAPT Therapeutics in an all-cash deal valued at approximately $2.2 billion. The acquisition brings RAPT’s lead asset, ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, into GSK’s pipeline. Currently in Phase IIb development, ozureprubart is being evaluated for the prophylactic treatment of food allergies, targeting IgE-mediated immune responses that drive severe allergic reactions. The therapy is designed for once-every-12-week dosing, compared to existing anti-IgE treatments that require injections every two to four weeks, potentially improving patient adherence and expanding access to the roughly 25% of patients who are ineligible for current therapies. GSK says the acquisition adds to its respiratory, immunology and inflammation pipeline. The transaction closed on March 3, 2026, with RAPT becoming a wholly owned subsidiary of GSK.

Worldwide Clinical Trials Purchases Catalyst for Almost $500M to Scale Oncology and FSP Services

Announcement Date: January 20, 2026

Details: Worldwide Clinical Trials, a global contract research organization (CRO) backed by private equity firm Kohlberg, has agreed to purchase Catalyst Clinical Research, a specialized CRO known for its expertise in early-phase oncology trials and functional service provider (FSP) capabilities. Under the deal, valued at almost $500 million and expected to close in the first quarter of 2026, Catalyst’s leadership will join Worldwide’s board and executive team, while its Catalyst Oncology and Catalyst Flex offerings will be integrated into Worldwide’s service portfolio. The acquisition aims to bolster Worldwide’s oncology trial capabilities, expand its global footprint and enhance its ability to deliver full-service, FSP and hybrid resourcing models. 

Hippocratic AI Strengthens Life Sciences Leadership Through Grove AI Acquisition

Announcement Date: January 12, 2026

Details: Hippocratic AI is strengthening its position in the life sciences sector through the acquisition of Grove AI and a series of strategic executive appointments. The deal enhances Hippocratic AI’s capabilities in deploying generative AI solutions tailored to healthcare and life sciences, expanding its reach across pharmaceutical, biotech and clinical research organizations. By integrating Grove AI’s technology and expertise, the company says it aims to accelerate the adoption of specialized, safety-focused AI across biopharma and medtech designed to support patient engagement, medical affairs and other healthcare functions. Alongside the deal, the company launched a dedicated life sciences division and appointed a president and advisory council. While the financial terms of the deal were not disclosed, Hippocratic AI reached a $3.5 billion valuation in November 2025 following a $126 million Series C funding round.

Verana Health and COTA Merge in $52M Deal to Build a Real-World Data Powerhouse in Oncology and Beyond 

Announcement Date: January 8, 2026

Details: Verana Health is merging with COTA, Inc., combining their real-world data (RWD) and AI-enabled technology capabilities to create a significantly expanded RWD provider for clinical research across multiple therapeutic areas. Verana said the combined company will now offer deeper, research-ready insights to life sciences organizations, including access to data from over 95 million patients and more than 20,000 clinicians, along with strengthening its service relationships with top global biopharma firms. COTA’s oncology-focused datasets complement Verana’s existing offerings in ophthalmology, urology and neurology. The merger includes a $52 million equity investment to position the new entity as a leading partner for accelerating evidence generation and improving patient care across specialties.